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Anti-Money Laundering / Countering the Financing of Terrorism Division
Enforcement

Enforcement Report

24 June 2021

Read the ACD Enforcement Report to understand how the role of regulatory enforcement helps to mitigate ML/TF risks in the precious stones and metals sector, including key findings and consequences of non-compliance.

MinLaw conducted a series of enforcement activities on regulated dealers from October 2019 to March 2021 to deter regulatory infractions and complement the supervision of the precious stones and precious metals dealers (“PSMD”) sector. The objective of ACD’s enforcement function is to foster high standards of compliance with the Precious Stones and Precious Metals (Prevention of Money Laundering and Terrorism Financing) Act 2019 (“PSPM Act”) and the Precious Stones and Precious Metals (Prevention of Money Laundering and Terrorism Financing) Regulations 2019 (“PMLTF Regulations”) and preserve trust in the PSMD sector.

The Anti-Money Laundering/Countering the Financing of Terrorism Division (“ACD”) Enforcement Report summarises the enforcement activities carried out by ACD and outlines ACD’s enforcement principles and priorities. The report also features case studies to educate regulated dealers on the key findings and consequences of non-compliance.

Regulated dealers should read the Enforcement Report to understand how the role of regulatory enforcement helps to mitigate money laundering/terrorism financing (“ML/TF”) risk in the PSMD sector.

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